Popular sports brand Nike Inc. generated $185.3 million in revenue from non-fungible token (NFT) collections. This milestone brings the company to a leading position among other traditional brands in the NFT markets.
Nike becomes the highest earning brand thanks to NFT sales
According to Dune blockchain analytics platform, the sports brand recorded its total NFT revenue from the sum of its main revenue and total royalties, which are $93 million and $92 million, respectively. The company also recorded over 67,000 NFT transactions.
In April 2019, Nike hinted at its interest in the blockchain ecosystem when it has applied for the use of a trademark dubbed “CryptoKicks”, which was approved later that year.
In December 2021, the company acquired digital fashion brand RTFKT to strengthen its “digital transformation”. In April 2022, RTFKT launched Nike’s CryptoKicks NFT collection, featuring customizable NFT sneakers. Since its launch, many users have purchased NFT sneakers, bringing Nike’s total NFT revenue to its current valuation.
D&G ranks second with $25.6 million
The Italian fashion brand, Dolce & Gabanna (D&G), currently ranks second in commercial brands with the largest NFT turnover, with 25.6 million dollars in its stock market. The company also recorded over 9,000 transactions.
D&G rolled out its NFT collection, the Collezione Genesi, which was hosted by the UNXD luxury NFT marketplace in September 2022, where UNXD is built on the Polygon network.
Luxury brands join the NFT movement
Other fashion brands that have joined the NFT business are listed on Dune. One of them is Tiffany & Co., which ranks third with $12.6 million in NFT revenue. Remember that the brand made headlines earlier this month when he revealed his new NFT collection, NFTiff, will only be acquired by CryptoPunk holders. This led to a massive NFT CryptoPunk buying.
The Italian company Gucci is another luxury brand that has embarked on the NFT bandwagon. In January, Gucci teamed up with NFT specialist Superplastic to launch an NFT collection called SUPERGUCCI. Currently, Gucci ranks fourth with $11.5 million in NFT revenue.